N. Korea Economy Grew Faster Than Eurozone
World Economy

N. Korea Economy Grew Faster Than Eurozone

North Korea’s economy grew by 1.0% in 2014, according to South Korea’s Central bank. This is 0.1% less than in 2013, but is still 0.1% more than that of the Eurozone in the last year.
North Korea’s economy expanded by 1.0% to $29.85 billion in 2014, according to a recent report by South Korea’s central bank, Bank of Korea, Sputnik reported.
The increase in economic activity last year was attributed mainly to the growth in services and building while farming, mining and manufacturing saw slower growth, the central bank said.
Services rose 1.3% in 2014 on-year, up from 0.3% in 2013. The service industry made up 31.3% of the North Korean economy last year, up slightly from 30% in 2013. Retail sales, food, and accommodation, logistics and communications all expanded from a year earlier.
Construction was up 1.4%, rebounding from a 1.0% decline in 2013, with an increase in buildings offsetting declines in road and plant construction.
Total North Korea trade was at $7.6 billion, up 3.7% from 2013. Exports fell 1.7% year-on-year while imports jumped 7.8% on increased demand for machinery and textiles. More than 90% of North Korea’s trade is with neighboring China.
The BOK’s analysis however did not include black market economic activity that has grown steadily in recent years, creating a consumer class with demand for products such as cosmetics, smartphones, fruit juices, and foreign clothes, according to residents and visitors.
However a drought could dent economic activity this year, as North Korea has said it is the worst it has seen in 100 years although Seoul has said it seems to be easing.
Meanwhile, data released by Eurostat earlier this year shows Eurozone growth numbers at 0.3% for the final three months of the last year, above the 0.2% expected, leaving the bloc’s economy 0.9% larger than a year earlier.


Short URL : http://goo.gl/ZWkFyz

You can also read ...

Crisis in Madagascar as Vanilla Price Soars
Vanilla is one of the world’s most popular seasonings and an...
Profits of Thai Banks Fall
Thailand’s top four banks produced aggregate net profit of 37....
Argentina’s Treasury Minister Nicolas Dujovne (L), accompanied by Argentina’s Central Bank Governor Federico Sturzenegger speak at a news conference after the G20 meeting on Friday.
Finance leaders from the Group of 20 major economies agreed...
Vietnam Still Facing Structural Risks
Despite the generally favorable medium-term outlook, there are...
World Debt Load $164 Trillion : Debt, Protectionism Biggest Threats to Global Growth
The biggest threats to global economic growth are government...
In Emerging, Developing Countries : ILO: Over 700 Million Workers Living in Poverty
There were more than 700 million workers living in poverty in...
Euroland Progress Linked to Global Growth, Open Trade
The eurozone’s economy needs strong global growth and open...
AT&T, Verizon Under Federal Investigation
The US has opened a probe into alleged coordination by AT&...